Karachi, October 1, 2024 – The currency exchange market in Pakistan began trading on Tuesday, October 1, 2024, with a mix of fluctuations across various foreign currencies. The Pakistani rupee witnessed a steady performance against key global currencies, reflecting both domestic and international economic trends.
The US Dollar (USD) currency continued to hover around the Rs278.50 mark for buying and Rs280 for selling, maintaining its critical position as the most actively traded currency in Pakistan’s open market. The steady exchange rate reflects ongoing market sentiment driven by global economic uncertainty and the rupee’s relative stability in recent weeks.
The British Pound Sterling (GBP) currency remained one of the highest-valued currencies against the Pakistani rupee, trading at Rs369.85 for buying and Rs373.35 for selling. The Euro (EUR) also displayed a strong exchange rate, with buying at Rs308.55 and selling at Rs311.30, as demand for the European currency remained consistent.
In the Gulf region, the Kuwaiti Dinar (KWD) and the Omani Riyal (OMR) maintained their positions as some of the strongest currencies in the market. The KWD was buying at Rs898.65 and selling at Rs908.15, while the OMR was trading at Rs716.67 for buying and Rs725.17 for selling. Similarly, the Saudi Riyal (SAR) and the UAE Dirham (AED), widely used for remittances and trade, were trading at Rs73.75 and Rs74.30 (buying and selling) for the Riyal, and Rs75.45 and Rs76.10 for the Dirham.
Meanwhile, the Australian Dollar (AUD) was being traded at Rs191 for buying and Rs193.25 for selling, reflecting a mild fluctuation as global markets continued to adjust to shifts in commodity prices and interest rate movements in Australia.
In Asia, the Chinese Yuan (CNY) traded at Rs39.60 for buying and Rs40.00 for selling, highlighting growing trade ties between China and Pakistan. The Japanese Yen (JPY) showed a modest position in the exchange market, trading at Rs1.92 for buying and Rs1.98 for selling, indicating stable demand from Pakistani importers.
Smaller currencies like the Thai Baht (THB), Singapore Dollar (SGD), and Malaysian Ringgit (MYR) also reflected minor changes. The Singapore Dollar was being bought at Rs216.45 and sold at Rs218.45, while the Malaysian Ringgit was buying at Rs63.65 and selling at Rs64.25.
As the global economy continues to evolve amid geopolitical uncertainties and changing financial conditions, Pakistan’s currency market remains a dynamic space where various international currencies play crucial roles in shaping trade and investment activities.
